Core Insights - Miami International Holdings, Inc. reported significant financial growth for the fourth quarter and full year of 2025, with adjusted EBITDA of $199.1 million, a 143% increase year-over-year, and net revenue of $430.5 million, up 56% year-over-year [1][2] Financial Performance - Q4 2025 adjusted EBITDA reached $62.2 million, a 112% increase from $29.3 million in Q4 2024 [1] - Q4 net revenue was $124.5 million, reflecting a 52% increase compared to $81.7 million in the same quarter of the previous year [1] - The adjusted diluted EPS for FY 2025 was $1.82, while GAAP diluted EPS was ($1.00) [1] - Operating income for Q4 2025 was $42.7 million, compared to $7.2 million in Q4 2024, marking a 496% increase [1] Business Developments - The company successfully completed an IPO and secondary offering, and announced the strategic sale of 90% of MIAXdx [1] - MIAX options exchanges achieved a record market share of 18.2% in Q4 2025, a 14.5% increase year-over-year [1] - The average daily volume for MIAX options exchanges reached 11.1 million contracts in Q4 2025, a 46.5% increase year-over-year [1] Segment Performance - Options segment net revenue grew 46% to $106.9 million, driven by increased industry volumes and market share [1] - Equities segment net revenue surged 245% to $6.4 million, primarily due to higher transaction fees [2] - Futures segment net revenue decreased to $4.8 million, down from $5.6 million in the prior year, attributed to lower transaction fees [2] Capital and Liquidity - As of December 31, 2025, the company had cash and cash equivalents of $433.6 million and total debt of $1.5 million [2] - For FY 2026, the company anticipates adjusted operating expenses to be between $265 million and $275 million [2]

Core Insights - Thomas P. Gallagher, Chairman and CEO of Miami International Holdings, Inc. (MIAX), was awarded Chief Executive of the Year at the FOW International Awards 2026, recognizing his leadership and contributions to the company [1][1][1] Company Overview - MIAX is a technology-driven leader in building and operating regulated financial markets across multiple asset classes, currently operating eight exchanges including options, futures, equities, and international markets [1][1][1] - The company has expanded from a single options exchange to a global exchange group since Gallagher became chairman in 2008 and CEO in 2012 [1][1][1] Recent Achievements - In 2025, MIAX successfully completed its initial public offering and secondary offering, launched the MIAX Futures Onyx trading platform, announced the strategic sale of 90% of MIAXdx, and opened the MIAX Sapphire options trading floor in Miami [1][1][1] - Gallagher dedicated the award to the entire MIAX team, highlighting the collective effort and vision that contributed to the company's success over the past 18 years [1][1][1] Industry Recognition - The FOW International Awards have been celebrating excellence, innovation, and leadership in the global derivatives industry for over two decades, making it a trusted accolade in the market [1][1][1]

Core Viewpoint - Miami International Holdings, Inc. (MIAX) plans to launch support for trading financial futures on MIAX Futures using the MIAX Futures Onyx trading platform, effective February 22, 2026, for the trade date of February 23, 2026 [1]. Group 1: Trading Platform and Technology - The MIAX Futures Onyx trading platform is built with proprietary technology designed to meet the high-performance order processing demands of U.S. futures, characterized by scalability, low latency, reliability, and determinism [2]. - The first financial futures products to be offered on MIAX Futures will include Bloomberg 500 Index (B500) and Bloomberg US 100 Price Return Index (B100Q) futures, pending certain rule filings with the Commodity Futures Trading Commission [3]. Group 2: Company Overview - Miami International Holdings, Inc. operates nine exchanges across various asset classes, including options, futures, equities, and international markets, such as MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Pearl Equities, MIAX Futures, MIAXdx, The Bermuda Stock Exchange, and The International Stock Exchange [5].